Economy

How I Went Bankrupt Because of Abacha’s Death—Tonye Cole

Published

8 years ago

08/06/2017

Nigeria is a nation that knows all too well what damage dictatorships can do. Between 1966 and 1999, the country saw several military coups, culminating in Sani Abacha seizing power. From 1993 to 1998, Abacha’s rule marked a period of oppression, inflation and poverty. As a business owner, the main objective was to stay afloat.

For those brave enough to speak out against the regime, the punishment was either death by hanging or prison. Atrocities were commonplace in an atmosphere of desolation. In 1998, when Abacha died, Tonye Cole, the Co-Founder of Sahara Group, remembers it like yesterday.

“I remember exactly where I was when Abacha died. I remember people jubilating and singing and it was as if an air of relief had happened. I remember my partner had just got married and we were closing a major transaction so he delayed his honeymoon and stayed in Lagos. It is one of those moments in life where you remember key places you were. And the first expression was that of relief from everybody and then the next day reality set in,” says Cole.

Tonye Cole for the first time in years, hope dispelled despair. Cole was invested and happy.

“My partners and I had been working for three years and pushing ourselves really hard. We just got to the point where we were establishing ourselves as a business. Everything seemed to be going right. We had been working on an oil transaction and collected our allocation to load the products. At that point, all the brokers who we collected our oil allocation from had been paid by us. This is what you call betting on the horse. We had taken everything we owned and put it on this single deal,” says Cole.

Cole believed there was nothing more to be done but wait for the return on investment. Then the new government cancelled every contract that was issued by the Abacha administration.

The three young men had pumped everything they had earned for the past two years into the deal. Overnight, Cole and his partners went bankrupt. The trio had invested $400,000 of their savings in the supply and distribution of oil contracts from their new venture. For Cole, this was not the first time he lost everything. The first time was the catalyst for him to take control of his own fate. Ironically, he was hitting rock bottom again.

“If you are an entrepreneur, you are going to get bad days and if you are a successful one you are going to get even more bad days. As young people, this was all we had. People had collected their commission and nobody wanted to help us. We knew we had nothing to lose. Everything was gone. The good thing was that we had records and payment to brokers and their assignments they had given us. So we put the files together and walked into the office of a man we had never met before. We waited until we had an opportunity to speak to him and we locked the door,” says Cole.

It was 2PM on a Monday. The drive to the office of Mallam Lawan Buba, Group Executive Director, Commercial and Investment, Nigerian National Petroleum Company (NNPC), was a quiet one with all three men contemplating the gravity of what had just happened. Cole remembered advice his father, Patrick, had given him years ago. He told his son to spend five years working and learning from different companies before embarking on his own business venture. Cole had already served the five years but, in hindsight, he wondered if an additional five years could have saved him from this catastrophe.

Cole and his partners spent weeks trying to secure an appointment with the man seated in front of them that day. As Cole stood in Buba’s office, a fleeting fear gripped him. They had leveraged their one good relationship with the company’s secretary to get this appointment and if things did not go according to plan, not only would they still be bankrupt but the secretary could lose her job as well. Cole tried to read the expression on the face of Buba and drew a blank. He then regained his composure and approached the man who had the power to change their destiny.

The trio made their impassioned plea to Buba, the man responsible for the allocation of oil contracts. They showed him their legitimate contracts, payments made and financial records for the past three years. Cole took a cue from his father’s days running for president of Nigeria and gave a fervent speech on why they believed they could make a difference by creating employment and establishing an indigenous oil business, one of the first of its kind.

Buba listened to their plea and told them to wait. That was the end of the journey; there was nothing more the young entrepreneurs could do. As they left, it occurred to Cole that this could be the end of a lifetime of hard work.

“Failure teaches you a lot. As an entrepreneur I am not afraid of failure but I must learn from it,” says Cole.

During the two-hour trip back home, Cole’s life flashed before him.

Cole had three major influences growing up. His creative side was nourished by his mother, who was a journalist for one of the leading publications in Nigeria. From his father, Cole learned the skills of diplomacy and how to be a mediator on account of his role as an ambassador to Brazil. From his stepmother, Cole was given the foundations of the Christian faith upon which he built his life principles. Born in January 1967 in Port Harcourt, the capital of Rivers State, Cole and his family relocated to Anambra State during the civil war. Cole had a nomadic existence, shuffling between guardians. He learned to be self-sufficient and stumbled into his career by what he calls divine intervention.

“I ended up studying architecture because the subjects I had taken for O-levels in secondary school aligned more with the profession. I went to the University of Lagos to study architecture and then found that it was something that was perfectly suited for me. It rewards extreme hard work and punishes laziness to a fault. You had to imagine things and create it in your mind long before it comes on paper,” says Cole.

After university, Cole joined Brazilian architectural firm Grupo Quattro SA where he oversaw the construction of the new Palmas city developments in Tocantins, Brazil. This was a slight deviation from his plan to work for himself.

“When I was in university, we had already set up a business where I created architectural drawings and designs for different companies and teachers, as well as perfecting their existing designs,” he says.

Cole’s father influenced his decision to go to Brazil and leave.

“I have this belief and patriotic zeal in Nigeria and I believe we all have a role to play. My father had decided to run for the presidency in Nigeria and I decided to relocate to help him with his campaign,” he says.

Back in Nigeria, Cole Joined EMSA S.A. – one of Brazil’s largest engineering firms. He was the head of operations and business development in the country.

“They needed someone in Nigeria who could speak Portuguese and someone they could trust to implement a World Bank project. I now had this job, which was an engineering job, and it involved traveling around the country meeting government officials and business development. I had a wonderful salary at an expatriate rate, a company car and all the corporate perks. I had no interest at this point to do anything entrepreneurial. I was very comfortable,” says Cole.

Nigeria had just fallen under Abacha’s military regime. The initial hope and excitement turned to gloom. Almost overnight, the military started throwing people in jail. Riots ensued all over the country, leading to the exit of foreign businesses, like EMSA, from the Nigerian economy. The company signed off all the contracts and instructed Cole to liquidate everything.

“I said to myself ‘I am never leaving my fate in another person’s hands again,’” says Cole.

Prior to this, Tope Shonubi and Ade Odunsi had teamed up to start a new business venture in the burgeoning oil industry. Cole had turned down the offer to join the team in favour of his hefty salary and company perks. The offer was made once again, and now finding himself unemployed, Cole accepted. It was the birth of the Sahara Group, a leading private power, energy, gas and infrastructure conglomerate established two years before the end of Abacha’s rule in 1998.

All of this led to Cole walking out of the office of Buba, the man with their oil contracts. A week later, they got a call promising to reinstate their cancelled contracts over one year. Cole learned a valuable lesson.

“Don’t rely on one product and one country. In 1998, we got some of our contracts back and by 1999 we were in Ghana and then subsequently in Côte d’Ivoire, the United Kingdom, Switzerland, Singapore and the UAE.”

Today, the Group has around 20 operations across the energy sector with 660 employees. Sahara began as a facilitator in the oil sector, acting as a middleman between producers, marketers and traders. This year marks their 20-year anniversary and there is a lot to celebrate. The company has diversified into utilities, real estate, farming and infrastructure. Among its many developments is the $400-million Lekki power project in Lagos.

“When we came in there were not a lot of people in the business of trading and exploration of oil. When you talk about someone in the oil business back then, the most they would be were petrol station owners. We were the first pioneers to come into this aspect of the business,” says Cole.

Being trailblazers served the company well. The first major break happened about a year and a half after the company started. A major tool in the oil trade is the ability to have a letter of credit, popularly known as an LC. This is a guarantee taken on by a bank to make payments on behalf of the client, provided certain terms are met.

As brokers, Cole and his team will get allocations and trade them off to those who had an LC and then get their commission from the deal and plough it back into the business. For the initial period, Sahara could not open an LC, which was a major stumbling block for its growth.

“We couldn’t even open a dollar account in the beginning because the banks did not trust Nigerian businesses and this is a dollar denominated business. So we had to use a lot of innovation to get LCs. We asked our international clients to open an account for us so we could receive the payments, which they did with ease and secondly, we made sure that any LCs our clients opened, was done in our name,” says Cole.

Another major breakthrough happened when financial giant BNP Paribas approached the firm after two years of trading and helped them to finally open an LC in the company’s name.

As Cole turns 49 this year, he is slightly nostalgic when asked about his success in the oil business. He takes a deep breath and, for the first time during his interview, the charismatic and energetic entrepreneur assumes an almost vulnerable disposition as he talks of his multimillion-dollar empire.

“I am not sure I will be anywhere I am without my wife. She has allowed me to work and to be able to do what I do. I travel a lot and the ability to come in and go out without anybody being as clingy and commanding has been very helpful. Family wise, she makes me look good with everybody in my family because she is the one who keeps in touch with everyone. She is my perfect complement,” he says.

Cole met the love of his life 22 years ago at university. She was 16 going on 17 and he was in his third year of studies at the age of 18. Cole spent two years trying to convince his wife that he was the perfect match for her and years later, with three children, he calls her the glue that holds everything together.

Success can be fleeting. It has been a number of years since the company almost went bankrupt. In those days, the focus was on staying afloat as a business. Today, the Sahara Group has set up a foundation with a mandate of helping 12 million people in the next four years. The company contributes 5% of its profit to the foundation, which has worked with international not-for-profit organizations to eradicate Guinea worm disease, cataracts and cleft palates.

Faced with a global drop in oil prices, a resurgence of Boko Haram in the north of Nigeria and conflict in the Niger Delta, the West African nation’s economy is facing economic and social challenges. For Cole, his fate is firmly back in his hands. He has a much better understanding of the industry he operates in.

“We are in a boom and bust business, so these challenges are all part of life. We know when it is high and when it is low. Once oil prices are low you adjust immediately as an organization. You look at waste and how to cut it. We try as much as possible not to cut staff, we talk to them and let them understand that they need to be a lot more efficient in the things they do. It is all about planning ahead,” he says.

As Cole looks to the future, he sums up the strategy that has served him well so far.

“Let people think you have 10, act like you have only one but make sure you have 100.”

Economy

Dangote Refinery Further Slashes Petrol Price to N820 Per Litre

Published

2 hours ago

09/07/2025

Aduragbemi Omiyale

By Aduragbemi Omiyale

The ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, has again been reduced by Dangote Refinery to N820 per litre from N840 per litre.

A statement from the private crude oil refiner on Tuesday disclosed that the price reduction is with immediate effect.

This is coming a few days after the company brought down the price of the petroleum product to N840 per litre from N880 per litre in a bid to make it affordable to consumers and in reaction to a fall in the price of crude oil in the global market.

In the statement issued by the spokesperson of Dangote Group, Mr Anthony Chiejina, Dangote Refinery assured Nigerians of steady supply of petroleum products, noting that more independent marketers have joined the growing list of distributors retailing its high-quality products across the country.

The refinery’s existing partners—MRS, Heyden, Ardova (AP), Hyde, Optima, and Techno Oil—are expected to reflect the new pricing at their retail outlets.

The new marketing companies to have joined the company’s distribution network include TotalEnergies, Garima Petroleum, Sunbeth Energies, Sobaz Nigeria Ltd., Virgin Forest Energy, Sixxco Oil Ltd., N.U. Synergy Ltd., and Soroman Nigeria Ltd.

Others on the growing list are Jezco Oil Nigeria Ltd., Jengre, Cocean, Kifayat, Triumph Golden, Sifem Global, Riquest, and Mamu Oil, among others.

The Dangote Refinery, the largest single-train refinery in the world, continues to expand its domestic fuel distribution footprint, offering competitive pricing and improving access to refined products across Nigeria.

The refinery, recently, announced that it has invested over N720 billion to implement its initiative of deploying 4,000 Compressed Natural Gas-powered trucks for the nationwide distribution of petroleum products, saying it is expected to save Nigerians over N1.7 trillion annually.

This step, the management, will see the refinery absorb over N1.07 trillion annually in fuel distribution costs. The initiative is also poised to significantly benefit over 42 million Micro, Small and Medium Enterprises (MSMEs) by reducing energy costs and enhancing profitability, the mega refinery said.

The initiative, which eliminates transportation costs for fuel marketers and large-scale consumers, is expected to help reduce pump prices and inflation.

From August 15, Dangote will begin the direct delivery of petrol and diesel to filling stations, industrial facilities, and other high-volume consumers, the company said earlier.

Economy

Why Nigeria’s Payment Culture Crisis Has Worsened—OnePipe CEO

Published

8 hours ago

08/07/2025

Modupe Gbadeyanka

embedded finance Ope Adeoye Chief Plumber One Pipe

Across Nigeria, thousands of hardworking entrepreneurs—from small school owners to gig economy riders—face a recurring challenge that’s as old as the hustle itself: chasing payments. Despite delivering services on time and at scale, they are often left waiting days, sometimes weeks, to get paid. This delay isn’t just frustrating—it’s costly, demoralizing, and systemically harmful.

In a business environment already strained by inflation, fuel price volatility, and limited access to credit, late payments can break even the most resilient businesses. It affects not just cash flow, but trust, planning, and the ability to grow. The stakes are especially high for cooperatives and service-based SMEs, many of whom rely on informal, manual systems to manage their finances.

Ope Adeoye, CEO of Nigerian fintech firm OnePipe, believes the solution lies in structure. Through their flagship product PaywithAccount, OnePipe is pioneering a payment system that gives Nigerian businesses more control, transparency, and dignity. In this conversation, Ope talks about the roots of Nigeria’s payment culture crisis, its emotional and economic toll, and how businesses can take back control.

Let’s start with the everyday experience. Why is late payment such a big issue in Nigeria?

It’s partly cultural and partly systemic. In Nigeria, business often happens through relationships—verbal commitments, trust, informal records. That’s a beautiful thing in some ways. But when it comes to payments, it creates a lot of gray areas. People think they’re doing you a favor by paying. There’s no urgency. And the problem is, you’ve already done the work—you’ve delivered the service, paid your staff, bought fuel, and now you’re waiting endlessly for the money.

This creates a vicious cycle. Small businesses start avoiding riskier customers or stop offering credit entirely. That affects their customer base and revenue. It becomes harder to grow. It also makes the business ecosystem more hostile—less trust, more micromanagement, more stress.

And that waiting comes with real cost, right?

Absolutely, every hour spent chasing a payment is an hour lost from doing productive work. You’re calling, texting, sending WhatsApp reminders, following up again. It’s exhausting. It affects your cash flow, your energy, and even your relationships.

We’ve seen school administrators chasing parents, cooperative treasurers begging members, and artisans refusing new jobs because they haven’t been paid for the last one. That’s lost economic value right there. And it’s not just money—it’s morale. When you can’t plan your finances, it affects your confidence in taking on new opportunities.

Is this a new problem or has it worsened in recent years?

It’s not new, but the impact has gotten worse because of economic pressures. Inflation, rising fuel costs, and business uncertainty mean that small delays can have cascading effects. If someone doesn’t pay you on time, you might not be able to pay your own supplier or staff. It becomes a ripple effect.

Also, we’re in a more digital world now. Expectations are higher. People want things faster, but the backend systems for collecting payment haven’t kept up. That disconnect creates real operational tension for many small businesses.

What’s driving the shift toward structured payment tools like PaywithAccount?

We’re seeing a real hunger for order. People are tired of chaos. PaywithAccount is built to bring structure to these informal interactions. It lets businesses or cooperatives set up a payment mandate—essentially a permission from the customer to deduct funds directly from their account at a specific time or frequency.

It works like a standing order but is simpler and designed for our local context. You don’t need complex bank setups or expensive tech. A cooperative or small business can set it up with basic onboarding and immediately start seeing the benefits in how they operate and relate with customers.

What’s the adoption been like?

It’s been encouraging. We’ve seen cooperatives that used to spend days every month chasing dues now collecting 90% of their contributions on schedule. We’ve seen service providers—like caterers—who now set up mandates with their clients for milestone payments. They report better cash flow, less tension, and more respect from customers.

More importantly, they regain time—time to focus on the actual work of building their business. We’ve also seen that clients take them more seriously. There’s a perception shift when you introduce structure. It builds credibility.

But some people might see mandates as risky or intrusive. How do you address that?

That’s a fair concern. Trust is central. We make sure every mandate is user-authorized, clear, and revocable. The idea isn’t to trap anyone—it’s to protect both sides.

In fact, many clients actually prefer it. It takes away the need for awkward reminders or renegotiations. Everyone knows what’s coming. It reduces friction. And when there’s friction, people hesitate. So having a clear system builds peace of mind.

Why do you think this is resonating now?

It is because people are tired. The hustle mentality is strong in Nigeria, but it comes at a cost. If you’re constantly working, chasing clients, borrowing short-term cash, you never get ahead.

Nigerians want to grow. They want to operate with dignity. Tools like PaywithAccount help with that—not by changing how we do business but by giving it more structure. It enables people to take themselves more seriously—and when that happens, others take them seriously too.

You mentioned cooperatives earlier. Why is this tool especially useful in that space?

Cooperatives are lifelines in this country. They’re how people save, access loans, or fund children’s school fees. But many of them still operate manually. We’ve worked with cooperatives where the treasurer keeps handwritten books and uses their personal account. That’s not scalable, and it’s open to error or fraud.

With PaywithAccount, they can collect dues digitally, get notified in real-time, and operate more like a micro-financial institution. It empowers them to formalize without losing their community feel. And that’s important—because the human connection is part of why cooperatives work.

What’s your vision for how this changes Nigerian business culture?

I want us to stop normalizing late payment. I want it to be seen as a business risk—because that’s what it is. If you can’t pay on time, you’re not being professional.

My hope is that more people start to use tools that introduce structure, whether it’s PaywithAccount or something else. The more we normalize timely payment, the more we enable SMEs to grow, plan, and hire. That’s how you build an economy from the ground up.

We often say we’re a nation of entrepreneurs. Let’s start behaving like one—serious, structured, and scalable.

Final thought—what would you say to a small business owner still unsure about all this?

I’d say: try it with just one client. Set up a mandate, see how it feels. Most times, the client even appreciates the structure. It shows you’re serious. You deserve to be paid on time. It’s not too much to ask.

Also, don’t think you have to be a big business to operate professionally. Start small, but build systems. That’s what sustains you when things get tough.

Economy

Coronation Securities Helps Clients Understand Real Returns After Inflation—Owadokun

Published

9 hours ago

08/07/2025

Adedapo Adesanya

Nigeria’s economy is in a transition phase—marked by ambitious reforms, rising inflation, and a shifting investor landscape. The country recorded a 4.6 per cent GDP growth in Q4 2024, with 2025 projections at 3.6 per cent, driven by exchange rate unification, fiscal reforms, and a more market-driven policy approach.
At the same time, inflation—at 22.97 per cent as of May 2025—remains a concern. The Naira, while stabilising, still presents FX-related risks. Despite these headwinds, investors are beginning to regain confidence, and market reforms are gradually unlocking opportunities, particularly for digital-first institutions focused on access, trust, and financial empowerment.

In this interview shared with Business Post, the deputy chief executive of Coronation Securities, Mr Segun Owadokun, highlighted how the firm is positioning itself and its clients for long-term growth, navigating uncertainty, and building leadership in Nigeria’s capital markets. It has been edited for clarity.

What strategies are you deploying to help clients preserve and grow wealth in a high-inflation environment?

Our strategy is focused on preserving real returns. We offer high-yield fixed income options like commercial papers and corporate bonds as well as strong equities with capital appreciation potential and consistent dividends. But more than just picking the right products, we help clients understand their real returns after inflation. We combine this with continuous investor education and active portfolio tracking, so clients stay nimble in a fast-moving market.

Has the unification of exchange rates influenced investor sentiment and portfolio strategy?

Absolutely. The FX unification has introduced more clarity and reduced the uncertainty that plagued investors for years. We’re already seeing renewed interest from foreign portfolio investors—this is key for liquidity and pricing efficiency. Clients can now manage currency risks more transparently, and that strengthens confidence. The FX reform is foundational—it’s building a more predictable investment environment.

What measures are in place to strengthen investor confidence during periods of economic uncertainty?

Investor confidence comes from consistency and clarity. At Coronation Securities, we provide timely insights, personalized advisory, and investor education. We run webinars, thought pieces, and send regular market updates that help clients understand the “why” behind our strategy. When clients feel informed and supported—even in volatility—they stay invested with confidence.

In what ways is Coronation Securities leveraging technology to enhance access and improve client engagement?

Technology is at the centre of how we engage. Our Coronation Wealth App and eBusiness Suite allow real-time trading, seamless onboarding, and full portfolio visibility from anywhere. We’ve also built a robust API hub that allows digital partners and aggregators to embed our services in their platforms—extending access to underserved audiences. As Nigeria’s digital-first capital markets platform, we’re rethinking access, efficiency, and scale.

Can you elaborate on your efforts to promote financial literacy, especially among retail and emerging investors?

We’re passionate about empowering informed investors. That’s why we launched the Coronation Investment Academy—a platform that simplifies financial concepts and helps new and seasoned investors build their knowledge base. We complement this with webinars, newsletters, articles, and partnerships with schools, youth groups, and regulators. For us, it’s about inclusion, empowerment, and building long-term investor confidence.

What advice does Coronation Securities provide to clients affected by infrastructure deficits and high operating costs?

We help clients, both businesses and individuals, stay resilient. For businesses, we recommend maintaining liquidity buffers, deploying capital into flexible, short-term fixed income instruments, and hedging where needed.
For individuals, we guide them toward conservative, yield-driven investments that protect capital and ensure flexibility. In volatile markets, agility and cash management are everything.

What strategies are being used to attract and engage younger Nigerians in wealth-building and investment?

At Coronation Securities, we have adopted a three-pronged approach to engage younger Nigerians in wealth creation, built around the philosophy of “Learn, Play, and Invest.” First, we launched the Coronation Investment Academy, an educational platform designed to bridge the knowledge gap by simplifying investment concepts and promoting financial literacy. Once users grasp the fundamentals, they transition to the Coronation Fantasy League App – a gamified, real-time simulation that allows them to build virtual investment portfolios using actual market data. It is a safe, engaging way to practice investing without risking real money. The final step is onboarding them onto the Coronation Wealth App, our fully digital investment platform that allows users to trade and invest seamlessly in the Nigerian capital market from anywhere. This ecosystem not only educates but also empowers young investors to take charge of their financial future in a fun, accessible, and practical way.

How are ESG principles reflected in your investment advisory and product development?

ESG is no longer a cliché – it is becoming central to how we approach investments. At Coronation Securities, we are gradually embedding ESG principles into our advisory process. We have started integrating ESG screening into our equity research and are actively guiding clients towards emerging opportunities like green bonds and sustainable finance instruments. While corporate governance has always been a key pillar in our analysis, we are now seeing growing investor interest in broader social and environmental factors, such as workplace diversity, product safety, and climate responsibility. Our clients increasingly want to align their portfolios with their values, and we are right there with them. For us, it is not just about financial returns anymore – it is about making a meaningful impact through smarter and more responsible investing.

What risk management practices help safeguard client portfolios amid current macroeconomic risks?

At Coronation Securities, we take a proactive and disciplined approach to risk management. Our dedicated risk and investment teams continuously monitor market dynamics, conduct regular stress testing, and adjust portfolio strategies to anticipate and respond to potential shocks. We emphasise diversification, real-time scenario analysis, and dynamic asset allocation to cushion against volatility. By staying ahead of economic trends and maintaining strong internal controls, we aim to ensure our clients’ portfolios remain resilient, even in volatile macroeconomic environments.

Could you share recent innovations tailored to today’s market challenges?

We’ve launched a Fixed Income Trading Desk to give clients access to high-yield, short-term products. Our digital platforms now feature tailored investment recommendations and thematic watchlists—helping clients act swiftly and strategically.

How does Coronation Securities navigate the evolving regulatory landscape to ensure compliance and investor protection?

We maintain direct engagement with regulators and run rigorous internal audits. Continuous training and transparent governance ensure we manage client assets with integrity and protect investors at all times. Our strong governance framework guarantees that client assets are managed with the highest level of integrity and transparency, safeguarding investor interests at all times.

Are there any strategic partnerships that Coronation Securities is leveraging to enhance product offerings or market reach? Absolutely. Our collaborations with fintechs and ecosystem players help us scale offerings, improve execution, and reach new segments. These partnerships keep us agile, innovative, and deeply connected across Nigeria’s financial landscape.

What is your outlook for Nigeria’s investment market over the next 3 to 5 years?

We’re optimistic. Economic reforms are gaining traction—fueling deeper market participation, diverse products, and foreign capital inflows. While fixed-income yields may normalize, equities in banking, telecoms, and FMCG will shine. Digital evolution will continue democratizing access for more Nigerians.

What practical advice would you offer to new and existing investors looking to capitalize on opportunities in Nigeria’s current economic environment?

Our advice is simple: Stay informed. Diversify. Think long term. Spread investments across sectors and work with trusted advisors like Coronation Securities. In a reforming economy, disciplined and research-based investing is the best way to unlock opportunity.